Daily Market Update 2/4/11

Mortgage rates jumped to their highest levels since May 2010 following an unexpected drop in the Unemployment Rate to 9.0% from 9.4%. An increase to 9.5% had been forecast. Overall, the Employment Report was mixed however, as the economy added just 36,000 jobs in January, far less than expected. January data tends to be the least reliable due to several factors, including bad weather, seasonal employment, and the holidays. Trading remains volatile. Stocks were mixed. No other data will be released today.

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